Iran War energy crisis shifts focus from gas to oil, impacting Australian fuel prices
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Summary
The article discusses how the current energy crisis triggered by the Iran War differs from the 2022 crisis sparked by Russia's invasion of Ukraine. While 2022 was primarily about gas and electricity prices, this year's crisis centers on oil, with 25% of global oil seaborne trade and 20% of LNG trade cut off due to the closure of the Strait of Hormuz. Australian consumers and businesses are particularly concerned about petrol and diesel prices, though the impact on global gas prices has been less severe than in 2022.
Key quotes
· 3 pulledWhile 2022 was about gas, this year's energy crisis is about oil
The war has seen 25% of global oil seaborne trade and close to 20% of liquefied natural gas (LNG) trade cut off due to the closure of the Strait of Hormuz
Australian consumers and businesses are now highly concerned about petrol and diesel prices
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